DHARAN TECHNO VALLEY, KINGDOM OF SAUDI ARABIA / ACCESSWIRE / February 27, 2023 / National Energy Services Reunited Corp. ("NESR" or "the Company") (NASDAQ:NESR)(NASDAQ:NESRW), an international, industry-leading provider of integrated energy services in the Middle East and North Africa ("MENA") region, today announced the inauguration & opening of its NESR Oilfield Research & Innovation ("NORI") Center in Saudi Arabia's Dharan Techno Valley ("DTV").
The NORI facility, located in the heart of Saudi Arabia's industrial research, technology and academic hub, will enhance NESR's ability to drive energy sector research & innovation across the MENA region, while also augmenting the Company's alignment specifically with Saudi Arabia's Vision 2030. A flagship student exchange program with King Fahd University of Petroleum & Minerals ("KFUPM") will further support NESR's leading in-country personnel development & IKTVA investment. NORI also houses the recently acquired W. D. Von Gonten state-of-the-art Reservoir Characterization lab, supporting unmatched Geological & Geophysical research with a particular focus on the burgeoning unconventional resources in Saudi Arabia and across the MENA region. Furthermore, NORI will feature an artificial intelligence ("AI") based Operational Intelligence lab that will support multiple segments, including NESR's rapidly evolving hydraulic fracturing and directional drilling product lines. Key ESG Impact decarbonization technologies and research initiatives will also be domiciled in NORI.
NESR CEO & Chairman Sherif Foda commented, "With the ushering in of a new activity upcycle in the MENA region, NESR is proud to inaugurate a world class R&D center that will both deepen the NESR commitment to in-country investment in Saudi Arabia, and also strengthen key strategic initiatives across the entire region. NORI is now the nexus for NESR in connecting investment capital to human capital and cutting-edge technology development, and I am excited that ongoing and future R&D initiatives will now emanate from this state-of-the-art facility. NORI was constructed with NESR's long-term strategy in mind, namely that of technological expansion in both the core services business and also decarbonization solutions & partnerships in the ESG Impact segment. A facility equipped with solar power and water recycling capabilities further underscores NESR's commitment to a more sustainable O&G future. I would like to thank our esteemed customer, Saudi Aramco, as well as KFUPM, DTVHC and the Ministry of Energy for their overwhelming support and attendance of this inauguration event."
Mr. Nasir K. Al-Naimi, Aramco Executive Vice President of Upstream, commented "NESR's commitment to building a collaborative, open technology platform is powerful testament to its alignment with Saudi Vision 2030 and IKTVA. Thanks to this milestone, I have no doubt that NESR, in partnership with Saudi Aramco and KFUPM, will be able to scale new heights of technological innovation."
Dr. Muhammad Al-Saggaf, KFUPM President, commented "The NORI facility stands in a class of its own, and I look forward to seeing the many innovations that emerge over the coming decades. We see NESR as a rising leader in terms of the positive engagement that the O&G industry can have with younger generations of engineering graduates. Through NESR's commitment to the KFUPM Student Early Employment and Development Program, we hope to solidify our relationship with NESR and further strengthen our relationship by providing skilled graduates to join the job market."
About National Energy Services Reunited Corp.
Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 5,000 employees, representing more than 60 nationalities in over 15 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Hydraulic Fracturing, Cementing, Coiled Tubing, Filtration, Completions, Stimulation, Pumping and Nitrogen Services. The Company also helps its customers to access their reservoirs in a smarter and faster manner by providing Drilling and Evaluation Services such as Drilling Downhole Tools, Directional Drilling, Fishing Tools, Testing Services, Wireline, Slickline, Drilling Fluids and Rig Services.
This communication contains forward-looking statements (as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). Any and all statements contained in this communication that are not statements of historical fact may be deemed forward-looking statements. Terms such as "may," "might," "would," "should," "could," "project," "estimate," "predict," "potential," "strategy," "anticipate," "attempt," "develop," "plan," "help," "believe," "continue," "intend," "expect," "future," and terms of similar import (including the negative of any of these terms) may identify forward-looking statements. However, not all forward-looking statements may contain one or more of these identifying terms. Forward-looking statements in this communication may include, without limitation, statements regarding the potential scope and timing of the financial restatement, plans and objectives of management for future operations, projections of income or loss, earnings or loss per share, capital expenditures, dividends, capital structure or other financial items, the Company's future financial performance, expansion plans and opportunities, and the assumptions underlying or relating to any such statement.
The forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the accuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation: the amount, scope and timing of any financial restatement that may be required, information that may be discovered in the course of the Company's completion of the reconciliations of its financial results and related analysis; the ability to recognize the anticipated benefits of the Company's recent business combination transaction, which may be affected by, among other things, the price of oil, natural gas, natural gas liquids, competition, the Company's ability to integrate the businesses acquired and the ability of the combined business to grow and manage growth profitably; integration costs related to the Company's recent business combination; estimates of the Company's future revenue, expenses, capital requirements and the Company's need for financing; the risk of legal complaints and proceedings and government investigations; the Company's financial performance; success in retaining or recruiting, or changes required in, the Company's officers, key employees or directors; current and future government regulations; developments relating to the Company's competitors; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic and market conditions, political disturbances, war, terrorist acts, international currency fluctuations, business and/or competitive factors; and other risks and uncertainties set forth in the Company's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission (the "SEC").
You are cautioned not to place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. The Company disclaims any obligation to update the forward-looking statements contained in this communication to reflect any new information or future events or circumstances or otherwise, except as required by law. You should read this communication in conjunction with other documents which the Company may file or furnish from time to time with the SEC.
For inquiries regarding NESR, please contact:
Blake Gendron - VP Investor Relations & Business Development
National Energy Services Reunited Corp.
SOURCE: National Energy Services Reunited Corp.